The $573.3-million deal is split into a $565 million A tranche rated a preliminary AAAsf by Fitch and a $8.3 million B piece rated A+sf. The maturities have not yet been determined.
United Airlines plans to issue an aircraft lease securitization for over $1B that will be secured by 15 new Boeing aircraft and 12 new Embraer aircraft scheduled for delivery from November 2014 to July 2015, according to a deal prospectus.
The deal, NYCTL 2014-A, will issue $95.48 million of class A senior certificates that are provisionally rated Aaa by Moodys; they are set to mature in November 2027.
Non-traditional asset-backed securities led the issuance pipeline in a relatively quiet week, bringing volume for the asset class for the year to date to $10.2 billion, according to Standard & Poors.
Rhode Island has already securitized 100% of the payments it receives from tobacco companies under the 1998 master settlement to bondholders. Nevertheless, the state has found a way to refinance and take some more money off the table.
A two-year extension to the deadline for banks to conform CLO holdings to the Volcker Rule doesn't apply to all, the Federal Reserve says.
Despite regulatory hurdles, participants see nothing in the way of issuance reaching $60 billion to $70 billion this year.
Finke says the industry needs to address the lack of understanding about its performance and role in the economy.
Two academics argue that aggreggating standardized assets is key to solar securitization, which can meaningfully reduce funding costs for developers.
Despite pressure from Capitol Hill, regulators are disinclined to allow banks to hold collateralized loan obligations backed by bonds.
Vice President of Regulatory Compliance
Firm: Clayton Holdings
In the news: How Ability-to-Repay Rules Could Reshape RMBS Market
Securitization of very large commercial mortgages is picking up again, and so is the leverage in some of these deals.Current Issue